Bitcoin price showed signs of rediscovering its bullish momentum this week as BTC price bounced off crucial support around the $89,000 region. In a recent podcast, a crypto analyst highlighted Bitcoin’s behavior, citing experts’ prediction that the cryptocurrency may have found a bottom a few days before Donald Trump’s inauguration as the next President of the United States.
TradingView’s data show Bitcoin has gained about 13% this week after making a classic bullish reversal on Monday. The flagship cryptocurrency traded for $99,699 at the time of writing, and analysts expect it to reclaim the $100,000 level and push higher as the crypto market moves deeper into the bull cycle.
In the meantime, Tommy Lee, CIO of Fundstrat Capital, considers Bitcoin a strong buy near $90,000. In a recent interview, he forecasted a rally to $250,000 this year, citing the cryptocurrency’s strong support near its recent lows. While sentiment remains optimistic, Lee warned that a dip to $70,000 wouldn’t undermine long-term bullish trends.
XRP Rallies Despite SEC Appeal
Meanwhile, XRP has been a standout performer, as the altcoin surged over 20% within 24 hours. TradingView’s data show that XRP rallied to $3.2 on Wednesday to continue an upside movement that started at the beginning of the week. Hence, the altcoin gained 37.5% between Monday and Wednesday to trade closer to its all-time high of $3.317, established in 2018.
According to the analyst, whale accumulation and speculations of a possible ETF approval formed the tailwind behind XRP’s recent rally. This move further prepares the altcoin for notable upside movements should the outcome of Ripple’s protracted court case with the SEC turn out positive for the FinTech company, especially with the imminent stepping down of Gary Gensler as the Commission’s chair in a few days.
